Major transactions

Sale of The Leadenhall Building, March 2017

In March 2017, British Land and joint venture partner Oxford Properties exchanged contracts for the sale of The Leadenhall Building, for a headline price of £1.15 billion to C C Land. The transaction completed in May 2017.

British Land committed to the construction of The Leadenhall Building in 2010 and it was completed in 2014. At 736 feet, it is one of the tallest buildings in London, providing 610,000 sq ft of world class office accommodation over 46 floors, in a prime location. Its distinctive sloping shape was designed to protect views of St Paul’s Cathedral, offering a range of floorplates with spectacular views over London. The building was voted City of London Building of the Year 2015 by the Worshipful Company of Chartered Architects. It is occupied by high calibre businesses including insurers Aon and MS Amlin, and the building’s architects Rogers Stirk Harbour + Partners.

The transaction, at a 24% premium to British Land’s most recent valuation, delivered annualised returns of 25% to British Land from commitment in 2010. It is a good example of how our standalone properties provide liquidity, allowing us to develop and trade more opportunistically.

Paddington Central Acquisition July 2013

In July 2013 the Group acquired assets comprising the majority of Paddington Central, a 1.2 million sq ft office-led, mixed use estate close to Paddington station in London's West End, for £470 million. The complex transaction combining a number of separate ownerships was arranged with the majority owner, Aviva Investors. Three of the existing buildings, together with the retail and leisure cluster in Paddington Central were acquired from funds controlled by Aviva Investors and other investors.

Equity Placing March 2013

In March 2013, the Group issued 89.7 million new shares at a price of 550 pence per placing share, raising gross proceeds of £493 million. The placing shares issued represented approximately 9.99% of the issued ordinary share capital of British Land prior to the Placing.

Convertible Bond Issue September 2012

In September 2012, the Group issued £400 million of senior, unsecured Convertible Bonds due 2017. The Bonds have a coupon of 1.5% per annum payable semi-annually in arrear and the initial conversion price was set at 693.07p, a premium of 31.25% above the volume weighted average price of the share from launch to pricing.

Broadgate joint venture October 2009 and December 2013

In December 2013 GIC agreed to purchase the 50% interest in Broadgate owned by Blackstone to take forward the vision for the campus. In October 2009, the Group sold 50% of our holding in the Broadgate Estate for a total consideration of £1.1 billion to create a 50:50 Joint Venture with the Blackstone Group. The joint venture brought together two experienced and well financed office investors to invest in and maintain Broadgate as the City of London's pre-eminent office campus. The joint venture created Bluebutton Properties which owns the Broadgate Estate and which is was 50:50 owned by British Land and Blackstone until Blackstone sold its stake to GIC.

On 24 December, 2013, The Group signed a joint venture agreement for Broadgate with FGIC, Singapore’s sovereign wealth fund. As part of the agreement, British Land provides asset management for the joint venture.

Meadowhall Joint Venture February 2009 and October 2012

In February 2009, the Group sold a 50% share in Meadowhall shopping centre London and Stamford Property Group to form a new 50:50 joint venture partnership. London and Stamford paid £587.7 million for the 50% stake. British Land was appointed property manager for the shopping centre and acted jointly with London and Stamford as strategic advisors until London and Stamford sold its stake to Norges Investment Management in October 2012.

On 8 October 2012, British Land and Norges Bank Investment Management signed a new joint venture agreement following Norges' acquisition of London & Stamford’s 50% shareholding in Meadowhall.

Rights Issues February 2009

In February 2009, the Group issued 340 million new shares through a 2 for 3 rights issue at 225 pence. The rights issue raised around £740 million net of expenses with the proceeds being used to strengthen the Group's balance sheet.

Pillar Property PLC acquisition 2005

In July 2005, the Group acquired Pillar Property PLC with principal investments focused on UK retail parks and City of London offices.

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